Favreau, whose latest film is the indie “Chef”, is being written by Justin Marks (“Street-Fighter : The Legend of Chun-Li”), who is due to turn in a draft shortly.

Disney, who were also behind the live-action “Jungle Book” that came out in 1997, have a long, successful history with Favreau. The “Iron Man” director worked on the third film, as both a producer and actor, with the studio, as well as worked on “The Magic Kingdom” with them.

“I can’t say that much, but there is an interesting take that could be very cool, and the hope is to relaunch a family brand with certain mythic elements,” Favreau told Deadline. “It is my first real family film since Elf, and there are action elements and visual effects that I feel like my experience on the Iron Man films are going to be useful.”

Jason Scott Lee starred in’97s version of “The Jungle Book”. No word on who might wear the underrags for this one.

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